Recognizing opportunities and generating ideas
www.ladieswholaunch.com/magazine/kathryn-kerrigan-footwear we would recommend you to first go through this post and then read the rest material for recognizing opportunities and generating ideas.
We hope you have been through the given link. Entrepreneurs recognize an opportunity and turn it into a business. But for this we need to know what exactly an opportunity is. It is a favourable set of circumstances that creates a need for new product, service, or business. Most entrepreneurial ventures are started in one of two ways. Some are extremely simulated, for example Amazon.com founder Jeff Bezos quit his lucrative job at NYC investment firm and headed for Seattle with the plan to find an attractive opportunity and launch an e-commerce company. So he decided to launch a firm, searched for and recognized opportunity. Where other firms are internally simulated like the Kathryn Kerrigan’s venture. She recognized a problem or an opportunity gap and created a business to fill it. The key opportunity recognition is to identify a product or service that people need and are willing to buy, not one that an entrepreneur wants to make and sell. An opportunity has four qualities:
- Anchored in a product, service, or business that creates or adds value for its buyer or end user.
For an entrepreneur to capitalize on an opportunity, its window opportunity must be open. The term window opportunity is a metaphor describing the time period in which a firm can realistically enter a new market. Once the market for a new product is established, its window of opportunity opens. As market grows, firms enter and try to establish a profitable position. At some point, the market matures, and the window of opportunity closes. This was the case with Yahoo! Today it will be very difficult for a new search engine startup to enter this market until and unless it provides greater advantages over the already established search engines.
It is Important to understand there is a difference between an idea and opportunity. Idea is a thought, an impression, or a notion. An idea may or may not meet the criteria of an opportunity. This is a critical point because many entrepreneurial ventures fail not because the entrepreneurs that launchd them didn’t work hard, but rather because there was no real opportunity to begin with. Before getting excited about a business idea, it is crucial to understand whether the idea fills a need and meets the criteria for an opportunity.